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For Sale By Owner Property Contract

For Sale By Owner Property Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

For Sale By Owner Property Contract

"I need a For Sale By Owner Property Contract for my 2-bedroom apartment in Dubai Marina, with completion scheduled for March 2025 and standard payment terms of 10% deposit and 90% on completion."

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Document background
The For Sale By Owner Property Contract is designed for use in the United Arab Emirates when property owners wish to conduct private property sales without intermediary real estate agents. This approach, while requiring more direct involvement from the parties, can result in cost savings and direct communication between seller and buyer. The document must comply with UAE federal property laws and specific emirate regulations, particularly those relating to property registration, foreign ownership, and transaction documentation. It includes comprehensive sections covering property details, payment terms, warranties, and transfer procedures, along with necessary provisions for UAE compliance such as proper party identification and registration requirements. This contract type is particularly relevant in the UAE's dynamic real estate market where direct sales are becoming increasingly common, especially for experienced property owners familiar with local real estate procedures.
Suggested Sections

1. Parties: Identification of the Seller and Buyer, including full legal names, Emirates ID numbers, passport numbers, and contact details

2. Background: Brief context of the transaction and confirmation of the Seller's ownership and right to sell

3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and other relevant terms

4. Property Details: Comprehensive description of the property including address, plot number, registration details, and size

5. Purchase Price: Agreed purchase price, currency, and payment structure

6. Payment Terms: Detailed payment schedule, deposit requirements, and method of payment

7. Completion: Process and requirements for completing the sale, including registration requirements and handover procedures

8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with laws

9. Buyer's Warranties: Warranties regarding ability to purchase and comply with payment terms

10. Property Condition: Statement of the property's condition and any agreed repairs or modifications

11. Registration and Transfer: Process for property registration and transfer at the relevant land department

12. Costs and Fees: Allocation of transaction costs, registration fees, and other expenses

13. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Foreign Ownership Compliance: Required when buyer is a non-UAE national, detailing compliance with foreign ownership restrictions

2. Mortgage Details: Required when the property has an existing mortgage or the purchase involves new mortgage financing

3. Tenant Rights: Required when the property is currently tenanted, addressing existing lease agreements

4. Furniture and Fixtures: Required when the sale includes specific furniture or fixtures

5. Defect Disclosure: Optional detailed disclosure of known defects or issues

6. Post-Completion Obligations: Optional section covering post-sale responsibilities such as utility transfers

7. Force Majeure: Optional clause addressing unforeseen circumstances preventing completion

8. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard court jurisdiction

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property specifications, floor plans, and boundary details

2. Schedule 2 - Title Documents: Copies of ownership documents and registration details

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and due dates

4. Schedule 4 - Included Items: List of fixtures, fittings, and other items included in the sale

5. Schedule 5 - Property Condition Report: Detailed assessment of property condition at time of agreement

6. Appendix A - Required Documents: List of documents required from both parties for completion

7. Appendix B - Completion Checklist: Step-by-step checklist for completion process

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Purchase Price
Deposit
Completion Date
Completion
Transfer Date
Land Department
Title Deed
Seller
Buyer
Business Day
Encumbrances
Force Majeure Event
Warranties
Registration Fee
Transfer Fee
Relevant Authority
RERA
Effective Date
Property Registration Number
Makani Number
Due Diligence Period
Escrow Account
Fixtures and Fittings
Liabilities
Material Adverse Change
Permitted Use
Purchase Documents
Service Charges
Signing Date
Title Documents
UAE Dirham
Utility Services
Working Hours
Defects
Common Areas
Building
Master Community
Handover Date
Completion Notice
Clauses
Property Description
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title and Ownership
Property Registration
Due Diligence
Conditions Precedent
Completion
Seller's Warranties
Buyer's Warranties
Property Condition
Handover
Transfer of Risk
Transfer of Ownership
Registration Requirements
Foreign Ownership Compliance
Fees and Expenses
Tax Obligations
Representations
Default and Remedies
Termination
Force Majeure
Assignment
Notices
Entire Agreement
Severability
Amendments
Governing Law
Jurisdiction
Language
Dispute Resolution
Indemnification
Further Assurance
Confidentiality
Execution
Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Construction

Property Investment

Property Management

Urban Development

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Property Management

Documentation

Investments

Operations

Finance

Customer Relations

Relevant Roles

Property Owner

Real Estate Investor

Legal Counsel

Property Manager

Compliance Officer

Real Estate Director

Investment Manager

Property Developer

Real Estate Consultant

Documentation Specialist

Contract Administrator

Legal Director

Risk Manager

Transaction Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Primary legislation governing contracts and property rights in the UAE, including sales contracts, property ownership, and contractual obligations
UAE Property Law (Law No. 7 of 2006): Regulates property registration, ownership rights, and real estate transactions in the UAE
Foreign Ownership Decree (Law No. 7 of 2002): Governs foreign ownership of real estate in the UAE, including restrictions and permitted areas for foreign investment
Real Estate Regulatory Agency (RERA) Regulations: Specific regulations governing real estate transactions, including requirements for contracts and documentation
UAE Registration Law (Law No. 13 of 2008): Covers requirements for property registration and transfer of ownership in the UAE
Escrow Law (Law No. 8 of 2007): Regulates escrow accounts and payment procedures in real estate transactions
Law of Evidence in Civil and Commercial Transactions (Federal Law No. 10 of 1992): Governs the requirements for valid documentation and evidence in property transactions
UAE Anti-Money Laundering Law (Federal Decree Law No. 20 of 2018): Includes provisions relevant to real estate transactions to prevent money laundering and ensure transaction transparency
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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